Ripple has released the XRP markets report for this year’s second quarter, showing that its total XRP holdings amounted to over 47 billion XRP in Q2, with 41.9 billion locked up in escrow.
Ripple, a prominent blockchain technology company, has recently released its Q2 2023 XRP Markets Report, shedding light on its XRP holdings during the quarter. The report highlights the amount of XRP held by the company as of March 31, 2023, and June 30, 2023.
The Q2 2023 XRP Markets Report is live—we took a different approach for this quarter and focused on the landmark court ruling, on debunking misconceptions, and on Ripple’s XRP holdings.
Read on for more: https://t.co/SAeLIwSvOZ
— Ripple (@Ripple) August 2, 2023
One noteworthy aspect of the report lies in the categorization of Ripple’s XRP holdings. The company has divided its XRP into two categories. First, the XRP currently available in its wallets, and second, the XRP subject to on-ledger escrow lockups.
The first category refers to XRP the company has access to as a spendable balance. However, the latter category is set to be released monthly over the next 42 months. Ripple cannot access the escrowed XRP until the escrow releases occur. Notably, XRP held in both categories amounted to 47.45 billion as of June 30.
Ripple’s Spendable Balance
Of the 47.45 billion XRP, Ripple held a total of 5.551 billion XRP as a spendable balance on June 30. This represents a slight increase from the balance of 5.506 billion XRP as of March 31. The company’s spendable XRP holdings saw a modest rise during the year’s second quarter.
XRP in Ripple Escrow
Nonetheless, Ripple had 42.8 billion XRP locked up as of March 31. During the following quarter, this amount in escrow reduced slightly, reaching 41.9 billion XRP by June 30, 2023. This indicates that some XRP was released from escrow during Q2, as the firm unlocks 1 billion XRP each month.
It’s important to note that most of the XRP tokens released from escrow are promptly returned to the escrow wallets. Most recently, Ripple sent back 800 million XRP to escrow shortly after releasing 1 billion tokens for August. This practice suggests a cautious approach by Ripple, ensuring a consistent and controlled supply of XRP in the market.
Notably, key industry players have raised concerns about Ripple’s substantial XRP holding, triggering apprehensions of centralized control. The firm’s 47 billion XRP represents 47% of the asset’s total supply.
Ripple has continued to systematically sell off its XRP to reduce the amount it holds, but in a way that does not impact the market drastically. The Crypto Basic reported last month that Ripple’s XRP sales have continued to increase, surging by 37% month-over-month in July.